In addition, all trades were posted real-time in the free #TheStrategyLab chat room. You can read today's #TheStrategyLab trading chat room logs for details (e.g. time, price, contract size) about each one of my trades from entry to exit along with price action commentary as the trade traversed in comparison to what's shown in the above image...all archived @http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=111&t=1398

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade.

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events while using WRB Analysis from one trade to the next trade to give me the market context before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone.

NEW YORK (CNNMoney)U.S. stocks faltered Wednesday as political wrangling over the fiscal cliff continued to dominate investor sentiment.

The Dow Jones industrial average fell 0.2% and the S&P 500 lost 0.5%. The Nasdaq dropped 0.7%. The tepid trading came as investors returned from the Christmas holiday. U.S. markets were closed Tuesday and Monday was an abbreviated trading day.

Market bulls have pulled in their horns as President Obama and Congress have been unable to agree on a plan to avert tax hikes and spending cuts from kicking in automatically on Jan. 1.

The bears have become increasingly convinced that Washington will fail to resolve a self-inflicted crisis that could tip the economy into recession.

Those in the middle are betting on a short-term compromise that prevents the worst and delays more difficult decisions to later in the year.

"Any kind of deal will be good for the market," said Ryan Larson, head of U.S. equity trading for RBC Global Asset Management. "Whether a full deal is reached or they kick the can down the road, the market will be happy."

As the talks continue, Obama is ending his vacation Wednesday to make a late bid to reach a deal before the year ends. The White House said he should be back in Washington on Thursday, when House and Senate members are expected to reconvene.

Meanwhile, the political drama continued to overshadow economic fundamentals.

Related: What will happen to stocks if we go over the cliff?

In a sign of continued improvement in the housing market, home prices rose at an annual rate of 4.3% in October, according to the S&P/Case-Shiller home price index. It was the biggest rise in home prices in more than 2 years and topped analysts' expectations.

The housing data came on the heels of weak retail sales during this holiday shopping season. MasterCard's (MA, Fortune 500) SpendingPulse reported that retail sales during the run-up to Christmas showed an increase of only 0.7% versus last year, far below the expected 3% to 4%.

Shares of Herbalife (HLF) rose nearly 7%, recovering from sharp losses last week, after the company said it hired a strategic adviser and would hold an investor meeting next month. Hedge fund manager Bill Ackman dubbed the nutritional supplement company a "pyramid scheme" at a conference in New York last week.

Fear & Greed Index

European markets were closed Wednesday for Boxing Day.

Japan's Nikkei index gained 1.5%, and the yen continued its recent slide against the dollar as the country's parliament elected Shinzo Abe as prime minister. Abe, who won a landslide election victory earlier this month, has promised aggressive stimulus measures to combat deflation and get the world's third-biggest economy growing again.

Markets in Hong Kong were closed, while the Shanghai Composite ended flat.

Oil and gold prices moved higher. The yield on the 10-year U.S. Treasury note edged down to 1.76%.

4:15 pm : Stocks began the day on a positive note, but the early sentiment failed to hold. The key averages slipped to their respective lows during the first two hours of trade, and held there for the remainder of the session. As a result, the benchmark index finished lower by 0.5%.

With only three trading days left in the year, and the budget deadline approaching, elevated volatility in financials can be expected. Today, the SPDR Financial Select Sector ETF (XLF 16.36, 0.00) ended flat, and the majors were mixed. Wells Fargo (WFC 34.33, -0.09) shed 0.3% while Citigroup (C 39.55, +0.17) added 0.4%. Also of note, Bank of America (BAC 11.54, +0.29) outperformed its peers and rose by 2.6%.

Consumer stocks were among the worst performers. In the discretionary space, retailers saw general weakness and the SPDR S&P Retail ETF (XRT 61.09, -1.08) lost 1.7%. The softness followed a report from MasterCard Advisors SpendingPulse, which pointed to a 0.7% increase in holiday sales as compared to last year. The number was a disappointment as the general consensus expected sales to rise by as much as 4.0%. Instead, the modest uptick represented the slowest growth in four years. Among individual retailers and apparel producers, Coach (COH 54.13, -3.39), Gap (GPS 30.40, -0.97), Urban Outfitters (URBN 38.24, -1.06), and Macy's (M 37.13, -0.39) all lost between 1.0% and 6.0%.

Consumer staples were broadly lower with only a handful of names able to resist the sector-wide pressure. Medifast (MED 25.50, -3.86) slumped 13.2% after Chief Financial Officer, Edward Powers, notified the company of his intent to resign. The resignation will become effective no later than January 4 and Mr. Powers will pursue other interests.

On the upside, Inter Parfums (IPAR 19.75, +0.56) rose by 2.9% after the company signed an exclusive license agreement for Alfred Dunhill fragrances. The partnership is set to run for ten years, and Inter Parfums will take over production and distribution of the Alfred Dunhill collection.

The materials sector was a notable outperformer. Earlier, China's new leadership said urban development will be a key portion of future economic reforms. The news was welcomed by the market, and a rise in anticipated demand for steel pushed major producers higher. Cliffs Natural Resources (CLF 36.05, +0.69) and United States Steel (X 24.26, +0.20) saw respective gains of 2.0% and 0.8%.

The volatility index, or VIX, gained 8.1%, and the index settled at 19.30. Today's surge followed a steady climb observed over the course of the past week as investors sought downside protection in the event Washington lawmakers do not strike a budget deal in time. Note that VIX is now at levels not seen since late July.

The October Case-Shiller 20-city Home Price Index rose by 4.3%, while a 3.9% increase had been expected by the Briefing.com consensus. This follows the prior month's increase of 3.0%.

Tomorrow, weekly initial and continuing claims will be reported at 8:30 ET. In addition, November new home sales and December consumer confidence will both be reported at 10:00 ET.DJ30 -24.49 NASDAQ -22.44 SP500 -6.83 NASDAQ Adv/Vol/Dec 891/1.04 bln/1569 NYSE Adv/Vol/Dec 1053/475.6 mln/1957

3:30 pm : Crude oil rallied to a pit session high of $91.30 per barrel in early morning action as the dollar index slipped to session lows. The energy component then traded in a consolidative pattern just below that level and settled with a solid 2.8% gain at $91.05 per barrel.

Natural gas also climbed higher after lifting off its session low of $3.38 per MMBtu. It eventually settled at $3.42 per MMBtu, booking a gain of 1.2%.

Gold lifted off its session low of $1658.90 per ounce and advanced to a session high of $1668.70 per ounce in morning pit action. However, the yellow metal lost momentum once the dollar index reversed back towards the unchanged level. It chopped around just above the break-even line for the remainder of the session and settled 0.1% higher at $1660.50 per ounce.

Silver also rose to a session high of $30.25 per ounce but erased most of the gains by late morning floor action. It eventually closed with a 0.4% gain at $30.03 per ounce.DJ30 -10.02 NASDAQ -17.65 SP500 -4.72 NASDAQ Adv/Vol/Dec 974/846.1 mln/1473 NYSE Adv/Vol/Dec 1146/318 mln/1855

3:00 pm : The S&P 500 has been able to reclaim a portion of its losses during recent trade. Currently, the index is off by 0.2%.

The volatility index, or VIX, is higher by 7.8%, as it trades at 19.20. Today's surge comes after a steady climb has been observed during the past week. As the budget agreement remains distant, investors are bidding up downside protection in the event lawmakers do not reach an agreement in time. Note that the VIX is at levels not seen since late July.DJ30 +0.13 NASDAQ -13.83 SP500 -3.57 NASDAQ Adv/Vol/Dec 1046/761.1 mln/1391 NYSE Adv/Vol/Dec 1236/287.1 mln/1750

2:30 pm : The S&P 500 has seen little change during the past 30 minutes, and the benchmark index is off by 0.4%.

Consumer staples are broadly lower with only four stocks able to resist the sector-wide pressure. Medifast (MED 25.57, -3.79) is slumping 12.9% after Chief Financial Officer, Edward Powers, notified the company of his intent to resign. The resignation will become effective no later than January 4 and Mr. Powers will pursue other interests.

On the upside, Inter Parfums (IPAR 20.07, +0.88) is rising by 4.6% after the company signed an exclusive license agreement for Alfred Dunhill fragrances. The partnership is set to run for ten years and IPAR will take over production and distribution of the Alfred Dunhill collection.DJ30 -27.40 NASDAQ -18.02 SP500 -6.18 NASDAQ Adv/Vol/Dec 989/681.1 mln/1446 NYSE Adv/Vol/Dec 1097/258.5 mln/1871

2:00 pm : Quiet afternoon trade continues and the S&P 500 is off by 0.5%.

Telecom stocks are trading in the red, but the sector is registering narrower losses than the broader market. MagicJack (CALL 16.60, +0.87) is rising by 5.5% after settling all of its disputes with Verizon Communications (VZ 43.39, -0.15).

1:30 pm : Equities are holding their recent levels and the S&P 500 is shedding 0.5%.

The Dow Jones Transportation Average is off by 0.4% as 17 of 20 components trade lower. Shipping stocks are among the biggest laggards. Kirby (KEX 60.91, -0.40) and Matson (MATX 24.72, -0.22) are both down near 0.7%. On the upside, freight carrier Landstar (LSTR 51.67, +0.25) is the top performer as it trades higher by 0.6%.DJ30 -31.81 NASDAQ -18.45 SP500 -6.27 NASDAQ Adv/Vol/Dec 902/573.8 mln/1511 NYSE Adv/Vol/Dec 1035/218.7 mln/1925

1:00 pm : Equities began today's session slightly higher, but the major averages were unable to maintain their gains past the opening hour. The S&P 500 is down 0.5% following quiet morning trade, which saw below-average volume. With only a handful of days remaining in the year, investors remain focused on the budget debate. The holiday break failed to advance the discussions, and President Obama is scheduled to return to Washington later this evening.

The materials sector is the only space trading higher. Earlier, China's new leadership said urban development will be a key portion of future economic reforms. The news was welcomed by the market, and a rise in anticipated demand for steel is pushing major producers higher. Cliffs Natural Resources (CLF 36.26, +0.90) and United States Steel (X 24.36, +0.30) are seeing respective gains of 2.6% and 1.3%.

Retailers are seeing general weakness and the SPDR S&P Retail ETF (XRT 60.95, -1.22) is off by 2.0%. The weakness comes after MasterCard Advisors SpendingPulse reported a 0.7% increase in holiday sales when compared to last year. The number was a disappointment as the general consensus expected sales to rise by up to 4.0%. Instead, the modest uptick represented the slowest growth in four years. Among individual retailers and apparel producers, Coach (COH 54.11, -3.41), Gap (GPS 30.46, -0.91), Urban Outfitters (URBN 37.91, -1.39), and Macy's (M 36.61, -0.91) are all down between 2.4% and 6.0%.

The tech sector is one of the weakest performers, and the SPDR Technology Select Sector ETF (XLK 28.66, -0.20) is lower by 0.7%. Apple (AAPL 513.22, -6.94) has been in focus recently, and the largest tech component is down 1.3% as it attempts to hold above the $500 level.

On the upside, Research In Motion (RIMM 11.62, +1.01) is surging 9.6%. Today's rebound comes after the stock lost nearly 23.0% in the wake of Friday's disappointing earnings.

The October Case-Shiller 20-city Home Price Index rose by 4.3%, while a 3.9% increase had been expected by the Briefing.com consensus. This follows the prior month's increase of 3.0%.DJ30 -32.76 NASDAQ -20.50 SP500 -6.55 NASDAQ Adv/Vol/Dec 888/523.1 mln/1504 NYSE Adv/Vol/Dec 1063/199.1 mln/1858

12:30 pm : The S&P 500 is off by 0.6% as the index continues to hover near the 1418 area.

With only three trading days left in the year and the budget deadline approaching, elevated volatility in financials can be expected. Today, the SPDR Financial Select Sector ETF (XLF 16.35, -0.02) is off by 0.1% and the majors are mixed. Wells Fargo (WFC 34.30, -0.12) is down 0.4% while Citigroup (C 39.51, +0.13) is adding 0.3%. Also of note, Bank of America (BAC 11.53, +0.28) is higher by 2.5% as it trades ahead of its peers.DJ30 -45.76 NASDAQ -22.07 SP500 -8.08 NASDAQ Adv/Vol/Dec 872/468.4 mln/1496 NYSE Adv/Vol/Dec 1023/180.2 mln/1887

12:00 pm : The S&P 500 is down 0.5% as it continues to trade near its lows.

The tech sector is one of the weakest performers, and the SPDR Technology Select Sector ETF (XLK 28.70, -0.16) is lower by 0.6%.

Apple (AAPL 513.52, -6.64) has been in focus recently, and the largest tech component is down 1.3% as it attempts to hold above the $500 level.

11:30 am : The S&P 500 is down 0.6% as it trades near its session low.

The materials sector is the only S&P 500 space currently in the black. Earlier, China's new leadership said urban development will be a key portion of future economic reforms. The news was welcomed by the market, and a rise in anticipated demand for steel is pushing major producers higher. Cliffs Natural Resources (CLF 36.28, +0.92) and United States Steel (X 24.56, +0.50) are both up near 2.5%.DJ30 -50.73 NASDAQ -25.62 SP500 -8.84 NASDAQ Adv/Vol/Dec 785/350.5 mln/1543 NYSE Adv/Vol/Dec 1001/138.9 mln/1832

11:00 am : The major averages have slid to their respective lows, and the S&P 500 is off by 0.3%.

Retailers are seeing general weakness and the SPDR S&P Retail ETF (XRT 61.35, -0.82) is off by 1.3%. Earlier, MasterCard Advisors SpendingPulse reported a 0.7% increase in holiday sales as compared to last year. The number was a disappointment as the general consensus expected sales to rise by up to 4.0%. Instead, the modest uptick represented the slowest growth in four years. Among individual retailers and apparel producers, Coach (COH 55.38, -2.14), Gap (GPS 30.76, -0.60), Urban Outfitters (URBN 38.13, -1.17), and Macy's (M 36.43, -1.09) are all down between 1.9% and 3.7%.DJ30 -10.44 NASDAQ -14.17 SP500 -3.99 NASDAQ Adv/Vol/Dec 916/268.1 mln/1348 NYSE Adv/Vol/Dec 1229/111.1 mln/1595

Feb crude oil was trading around $89 almost all session until around 7:23am EST, when crude began to surge higher. After gaining steam there, crude climbed over $2/barrel higher in about an hour and 30 minutes.

Natural gas also rallied this morning, rising as high as $3.39. In current action, Jan nat gas is +1.1% at $3.38/MMBtu.

Precious metals are pulling back from their morning rally, but remain in positive territory. Copper futures, on the other hand, are just under its current session high of $3.61/lb. Feb gold is now trading 0.3% higher at $1664.30/oz, while Mar silver is +0.5% at $30.05/oz. Mar copper is +1.4% at $3.60/lb.DJ30 +9.97 NASDAQ -3.10 SP500 -0.97 NASDAQ Adv/Vol/Dec 1136/195.7 mln/1057 NYSE Adv/Vol/Dec 1435/89.2 mln/1319

10:00 am : The S&P 500 has returned near its opening levels, and the benchmark index is currently higher by 0.1%.

Looking at pre-market movers, Herbalife (HLF 26.67, +0.61) is higher by 2.3% after ValueWalk reported investor Whitney Tilson is holding a short position in HLF.

Elsewhere, producers of basic materials are garnering interest ahead of the open. DuPont (DD 45.28, +0.44), Freeport-McMoRan (FCX 33.66, +0.16), and United States Steel (X 24.20, +0.14) are all up between 0.5% and 1.0%.

It was a sea of green across Asia as all of the major bourses ended in positive territory. Sentiment was lifted by Shinzo Abe receiving parliamentary approval to become the next Japanese premier. Mr. Abe has promised unlimited money printing to end Japan's bout with deflation. Also released overnight was the latest Bank of Japan minutes which showed the central bank debated the open-ended buying of Japanese Government Bonds. Elsewhere, China opened the world's longest high-speed rail line, connecting Beijing to Guangzhou in an eight-hour ride (previously 20 hours). Data out overnight showed South Korean consumer confidence hold at 99 and Singaporean industrial production climb 3.1% year-over-year (4.8% expected).

In Japan, the Nikkei advanced 1.5% to end at a nine-month high. Exporters led the way thanks to a weaker yen as Sony jumped 4.0% and Nissan Motor climbed 2.1%. Financials were also strong as Nomura Holdings rose 2.8% to lead the sector's advance.

In China, the Shanghai Composite added 0.3% as real estate developers led while financials lagged. Gemdale added 2.2% to pace the developers while Industrial & Commercial Bank of China fell 1.5% to lead financials lower.

Hong Kong's Hang Seng was closed.

The major European markets are closed in observance of Boxing Day. Regular trading will resume tomorrow. In notable news, a German opinion poll has pointed to an uptick in support for Angela Merkel's Christian Democratic Union as well as its Bavarian counterpart, the Christian Social Union. The poll saw the reading rise to 41%, which is the highest level since March 2006.

U.S. equity futures are modestly higher with the S&P 500 futures firmer by 0.2%. With the Christmas break behind us, focus is expected to remain on Washington as President Obama returns from Hawaii to continue the budget negotiations.

In news: Regional indices gained following a strong Tuesday session which saw the Shanghai Composite surge 2.7% and Japan's Nikkei rise by 1.4%. Chinese stocks outperformed after the country's new leadership said urban development will be a key element of economic reforms. In Japan, Shinzo Abe was sworn in as the country's new Prime Minister. The Nikkei climbed higher as Mr. Abe is expected to step up stimulus measures and pressure the Bank of Japan to increase its inflation target.

All key European markets are closed in observance of Boxing Day. Normal trade will resume tomorrow. In news: A recently released opinion poll indicated Angela Merkel's Christian Democratic Union and the closely-aligned Christian Social Union have the support of 41% of Germans.

There are no notable movers in the U.S. pre-market.

According to the Mortgage Bankers Association, weekly MBA mortgage applications will not be reported today. The regular reporting schedule will resume on January 3, 2013 at 7:00 ET.

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